UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) July 20, 1999
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GREAT AMERICAN BANCORP, INC.
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(Exact name of registrant as specified in its charter)
Delaware 000-25808 52-1923366
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification Number)
1311 S. Neil St., P.O. Box 1010, Champaign, IL 61824-1010
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(Address of principal executive offices) (Zip Code)
(217) 356-2265
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(Registrant's telephone number, including area code)
<PAGE>
Item 5. Other Events.
The Registrant incorporates by reference the press release dated
June 20, 1999 attached as Exhibit 20, relating to the unaudited results for
the six months ended June 30, 1999.
Item 7. Financial Statements and Exhibits.
The Registrant incorporates by reference the press release dated
June 20, 1999 attached as Exhibit 20, relating to the unaudited results for
the six months ended June 30, 1999.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Great American Bancorp, Inc.
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(Registrant)
Date July 21, 1999 /s/ Jane F. Adams
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Chief Financial Officer
<PAGE>
EXHIBIT INDEX
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Exhibit
No. Description Method of Filing
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20 News Release Filed herewith
Dated July 20, 1999
<PAGE>
Exhibit 20
NEWS RELEASE
FOR IMMEDIATE RELEASE
July 20, 1999
Contact: Ms. Jane F. Adams
Chief Financial Officer and Investor Relations
(217) 356-2265
GREAT AMERICAN BANCORP, INC.
UNAUDITED RESULTS SECOND QUARTER 1999 - YEAR-TO-DATE $364,000
Champaign, Illinois - Great American Bancorp, Inc. (NASDAQ/GTPS), the holding
company for First Federal Savings Bank of Champaign-Urbana, reported earnings
of $364,000 for the six months ended June 30, 1999, a decrease of $155,000, or
29.9%, from the $519,000 reported for the same period in 1998. Basic earnings
per share were $0.30 in 1999, compared to $0.35 in 1998, while fully diluted
earnings per share were $0.29 in 1999, compared to $0.33 in 1998.
Net interest income was $2,827,000 for the six months ended June 30, 1999,
compared to $2,942,000 for the first six months in 1998, a decrease of
$115,000 or 3.9%. The provision for loan losses was $273,000 for the six
months ended June 30, 1999 and $78,000 for the same period in 1998. The
increase was primarily due to an increase in the monthly provision due to a
commercial loan totaling $1.35 million becoming non-performing during the
fourth quarter of 1998.
Noninterest income totaled $782,000 in 1999, $163,000, or 26.3%, higher than
the $619,000 recorded for the six months ended June 30, 1998. This increase
was due primarily to an increase in insurance sales commissions, which totaled
$341,000 for the six months ended June 30, 1999, compared to $220,000 for the
same period in 1998, generated by GTPS Insurance Agency which was formed in
September 1997. Noninterest expense was $2,718,000 in 1999, $164,000, or
6.4%, higher than the $2,554,000 reported for the six months ended June 30,
1998.
Net income totaled $153,000 for the quarter ended June 30, 1999, compared to
$275,000 for the quarter ended June 30, 1998. Basic earnings per share for
the second quarter of 1999 were $0.12 in 1999, compared to $0.19 in 1998,
while fully diluted earnings per share were $0.12 in 1999, compared to $0.18
in 1998.
Total assets at June 30, 1999 were $154.6 million, a decrease of $2.6
million, or 1.7%, from total assets of $157.2 million at December 31, 1998.
First Federal Savings Bank of Champaign-Urbana is head quartered in Champaign,
Illinois, and operates through its administrative/branch office in Champaign
and through two other full service branches located in Champaign and Urbana.
The Bank, through its subsidiary, Park Avenue Service Corporation, also
provides full service brokerage activities through a third-party broker-
dealer, Scout Brokerage Services, Inc., and sells insurance products through
the GTPS Insurance Agency. The Bank's deposits are insured by the Federal
Deposit Insurance Corporation.
This earnings report may contain certain forward-looking statements which are
based on management's current expectations regarding economic, legislative,
and regulatory issues that may impact the Company's earnings in future
periods. Factors that could cause future results to vary materially from
current management expectations include, but are not limited to, general
economic conditions, changes in interest rates, deposit flows, real estate
values, and competition, changes in accounting principles, policies, or
guidelines, changes in legislation or regulation, and other economic,
competitive, governmental, regulatory and technological factors affecting the
Company's operations, pricing, products and services.
Great American Bancorp, Inc. stock is traded on the NASDAQ National Market
System under the symbol "GTPS."
###
GTPS-pr-99-05
Great American Bancorp, Inc.
Consolidated Balance Sheet
June 30, 1999 and December 31, 1998
(in thousands)
June 30, 1999 Dec. 31, 1998
(Unaudited)
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ASSETS
Cash and due from banks $ 5,270 $ 6,429
Interest-bearing demand deposits 7,678 15,386
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Cash and cash equivalents 12,948 21,815
Investment securities:
Available for sale 998 1,001
Held to maturity 3,529 1,977
Loans 127,840 122,672
Allowance for loan losses (1,202) (925)
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Net loans 126,638 121,747
Premises and equipment 7,376 7,551
Federal Home Loan Bank stock 767 736
Other assets 2,348 2,344
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Total assets $ 154,604 $ 157,171
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LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits
Noninterest bearing $ 9,243 $ 8,401
Interest bearing 111,686 114,619
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Total deposits 120,929 123,020
Short-term borrowings 2,500 2,000
Long-Term debt 7,000 7,000
Other liabilities 1,693 1,999
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Total liabilities 132,122 134,019
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STOCKHOLDERS' EQUITY
Preferred stock, $0.01 par value
Authorized and unissued --
1,000,000 shares -- --
Common stock, $0.01 par value
Authorized -- 7,000,000 shares
Issued and outstanding -- 2,052,750 shares 21 21
Paid-in-capital 19,929 19,877
Retained earnings --
substantially restricted 16,509 16,411
Net unrealized gain on securities
available for sale (1) 1
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36,458 36,310
Less:
Treasury stock - 760,367 and
693,067 shares (13,042) (11,999)
Unearned employee stock
ownership plan shares (524) (637)
Unearned incentive plan shares (410) (522)
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(13,976) (13,158)
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Total stockholders' equity 22,482 23,152
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Total liabilities and
stockholders' equity $ 154,604 $ 157,171
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Great American Bancorp, Inc.
Consolidated Income Statement
For the Six Months Ended June 30, 1999 and June 30, 1998
(unaudited, in thousands, except share data)
Six Months Ended Six Months Ended
June 30, 1999 June 30, 1998
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Interest income:
Loans $ 5,016 $ 4,927
Investment securities
Taxable 58 112
Tax exempt 18 5
Deposits with financial
institutions and other 382 371
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Total interest income 5,474 5,415
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Interest expense:
Deposits 2,398 2,447
Other 249 26
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Total interest expense 2,647 2,473
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Net interest income 2,827 2,942
Provision for loan losses 273 78
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Net interest income after
provision for loan losses 2,554 2,864
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Noninterest income:
Brokerage commissions 76 86
Insurance sales commissions 341 220
Service charges on deposit accounts 267 222
Loan servicing fees 9 13
Other customer fees 77 68
Other income 12 10
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Total noninterest income 782 619
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Noninterest expense:
Salaries and employee benefits 1,478 1,408
Net occupancy expenses 304 266
Equipment expenses 211 175
Data processing fees 30 99
Deposit insurance expense 36 34
Printing and office supplies 136 126
Legal and professional fees 172 79
Directors and committee fees 51 52
Insurance expense 25 21
Marketing and advertising expenses 85 95
Other expenses 190 199
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Total noninterest expense 2,718 2,554
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Income before income tax 618 929
Income tax expense 254 410
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Net income $ 364 $ 519
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Earnings per share:
Basic $ 0.30 $ 0.35
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Diluted $ 0.29 $ 0.33
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Great American Bancorp, Inc.
Consolidated Income Statement
For the Three Months Ended June 30, 1999 and June 30, 1998
(unaudited, in thousands, except share data)
Quarter Ended Quarter Ended
June 30, 1999 June 30, 1998
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Interest income:
Loans $ 2,501 $ 2,546
Investment securities
Taxable 20 56
Tax exempt 10 2
Deposits with financial
institutions and other 186 160
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Total interest income 2,717 2,764
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Interest expense:
Deposits 1,193 1,241
Other 134 18
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Total interest expense 1,327 1,259
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Net interest income 1,390 1,505
Provision for loan losses 150 39
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Net interest income after
provision for loan losses 1,240 1,466
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Noninterest income:
Brokerage commissions 51 49
Insurance sales commissions 131 122
Service charges on deposit accounts 136 116
Loan servicing fees 4 6
Other customer fees 42 34
Other income 12 10
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Total noninterest income 376 337
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Noninterest expense:
Salaries and employee benefits 738 720
Net occupancy expenses 155 140
Equipment expenses 104 94
Data processing fees 15 50
Deposit insurance expense 18 17
Printing and office supplies 65 60
Legal and professional fees 82 39
Directors and committee fees 25 26
Insurance expense 13 10
Marketing and advertising expenses 45 59
Other expenses 95 96
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Total noninterest expense 1,355 1,311
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Income before income tax 261 492
Income tax expense 108 217
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Net income $ 153 $ 275
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Earnings per share:
Basic $ 0.12 $ 0.19
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Diluted $ 0.12 $ 0.18
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Great American Bancorp, Inc.
Selected Financial Data
(unaudited, in thousands, except per share data)
As of As of
June 30, 1999 June 30, 1998
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Total assets $ 154,604 $ 148,342
Total loans, net 126,638 122,953
Loan loss reserve 1,202 577
Non-performing assets 1,603 119
Non-performing assets to total assets 1.04% 0.08%
Allowance for loan losses to total assets 0.78% 0.39%
Investment securities 4,527 3,200
Total deposits 120,929 117,307
Checking deposits 24,288 20,411
Money market deposits 8,344 6,961
Passbook savings deposits 14,943 15,339
Certificates of deposit 73,354 74,596
Total stockholders' equity 22,482 27,111
For the Three Months For the Six Months
Ended June Ended June
1999 1998 1999 1998
(unaudited) (unaudited)
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Net interest margin 3.91% 4.47% 4.00% 4.47%
ROA (annualized) 0.39% 0.75% 0.47% 0.72%
ROE (annualized) 2.71% 4.09% 3.19% 3.84%
